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When to take the plunge?
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hedgewitch



Joined: 26 Nov 2005
Posts: 5834
Location: Daft wench GHQ
PostPosted: Mon Mar 26, 07 9:16 am    Post subject:  Reply with quote    

judith wrote:
HW is right - you need to get your finances sorted and have a financial cushion salted away if you want to do it without too much stress, particularly as you will have to buy in materials. 3 months is a good amount, but calculate the figure generously as it really does take at least that long to get the cash flow running.


I have been told that the standard amount to have under the mattress is enough to survive on for a year. But this was never going to happen for us. That said, we were covered by being able to get other work quickly and easily as a cushion.

sean
Downsizer Moderator


Joined: 28 Oct 2004
Posts: 41971
Location: North Devon
PostPosted: Mon Mar 26, 07 9:20 am    Post subject: Reply with quote    

hedgewitch wrote:
we were covered by being able to get other work quickly and easily as a cushion.


Does being a cushion pay well then?

hedgewitch



Joined: 26 Nov 2005
Posts: 5834
Location: Daft wench GHQ
PostPosted: Mon Mar 26, 07 10:11 am    Post subject: Reply with quote    

Not too badly. But if I was looking to be more than a temporary cushion I think I'd invest in more upholstery

dododumpling



Joined: 14 Sep 2005
Posts: 40

PostPosted: Mon Mar 26, 07 12:32 pm    Post subject: Reply with quote    

I've been reading the Small Business Chat threads with interest as mr dodo and I are thinking about setting up on our own. Well, he'd be the one setting up, I'd be the one still working for an employer (at least in the medium term). He needs a bit more persuading than me, is worried about what the right time would be, etc etc.

Not much help for the original question, I know! Sorry ...

marigold



Joined: 02 Sep 2005
Posts: 12458
Location: West Sussex
PostPosted: Mon Mar 26, 07 4:25 pm    Post subject: Reply with quote    

Could you ask your employer to convert your job into a job-share? Then you could work part time and have some secure income whilst having more time for the business.

Before you leave permanent employment entirely get yourself fixed up with a couple of credit cards with nice high limits. That way you will have access to credit which can be difficult to come by in the early days of self-employment. You will hopefully never need it, but it's useful to have the option even though the interest rates are high.

sally_in_wales
Downsizer Moderator


Joined: 06 Mar 2005
Posts: 20809
Location: sunny wales
PostPosted: Mon Mar 26, 07 4:28 pm    Post subject: Reply with quote    

marigold wrote:
Could you ask your employer to convert your job into a job-share? Then you could work part time and have some secure income whilst having more time for the business.

Before you leave permanent employment entirely get yourself fixed up with a couple of credit cards with nice high limits. That way you will have access to credit which can be difficult to come by in the early days of self-employment. You will hopefully never need it, but it's useful to have the option even though the interest rates are high.


Sadly I'm technically management, so I can't work any less, its stay or go or nowt in between. We're ok for cards, we have several that we don't use but maintain for emergencies, so thats a good plan to keep those just in case

Rosemary Judy



Joined: 08 Aug 2005
Posts: 1215
Location: East Midlands
PostPosted: Mon Mar 26, 07 4:49 pm    Post subject: Reply with quote    

try it anyway Sally - I bet your employer would rather keep you part time, rather than lose you altogether.

I tried it a good few years ago, and have worked part time since then !
My boss hated the idea to start with and then loved having two people to do one job - she could set us each a 'big' project, rarely needed holiday or sick day cover for us, as we were both flexible and shuffled our hours, and she had an extra person in her empire so could boast about how many staff she had..... she was actually the best boss I have had

marigold



Joined: 02 Sep 2005
Posts: 12458
Location: West Sussex
PostPosted: Mon Mar 26, 07 4:49 pm    Post subject: Reply with quote    

sally_in_wales wrote:
marigold wrote:
Could you ask your employer to convert your job into a job-share? Then you could work part time and have some secure income whilst having more time for the business.

Before you leave permanent employment entirely get yourself fixed up with a couple of credit cards with nice high limits. That way you will have access to credit which can be difficult to come by in the early days of self-employment. You will hopefully never need it, but it's useful to have the option even though the interest rates are high.


Sadly I'm technically management, so I can't work any less, its stay or go or nowt in between. We're ok for cards, we have several that we don't use but maintain for emergencies, so thats a good plan to keep those just in case


I don't think management level job shares are unheard of! You know your own set up best, but if you don't ask you won't get....

tahir



Joined: 28 Oct 2004
Posts: 44276
Location: Essex
PostPosted: Mon Mar 26, 07 4:55 pm    Post subject: Reply with quote    

My sister in law's in a job share in a pretty high powrered job

sneeuwklokje



Joined: 08 Mar 2006
Posts: 277

PostPosted: Mon Mar 26, 07 10:45 pm    Post subject: Reply with quote    

If you are management level and they refuse to let you do a job share etc. what is stopping you quitting and from selling your skills as a "consultant" whereever they are needed? That way you can set your own hours and rates too?

In answer to your question: you will find that there is rarely a "right time." There's either never enough money; or some catastrophe occurs or whatever. Are these really excuses though? Ok, so you have to be practical, and you might think these are very reasonable, solid reasons not to do it - but, think about it. If you took the plunge, and it didn't work out, what's the worst thing that could happen? It is highly unlikely you would lose your house (that's one fear, yes?) because you would find any job to earn some money. Or you would sell it. Or some other solution would present itself to you. The point being: there are usually options to explore. It's when you have no options things become very difficult.

Sally, there comes a time when you have to stop thinking and just actually *do it.* You need to say to yourself: "I am going to resign, and by the end of May this new venture of mine is going to be a rip roaring success." And then just go for it.

Set the date and do it. Stop dithering.

Gervase



Joined: 17 Nov 2004
Posts: 8655

PostPosted: Tue Mar 27, 07 7:11 am    Post subject: Reply with quote    

Actually, 'consultant' would be the perfect role for you, Sally. Interpretation and accessibility being the buzzword in the museums world these days, i can see you as the flying interpreter, troubleshooting museums, galleries and collections across the country. A pal of mine does that - his day job was professor of achaeology at Durham, but he set up a company called Time Travellers who do just that in the museum and interpretation world oop north. You could corner the market south of the Wash. Now he works part-time at the Univesity of Northumbria and acts as a consultant to his own company.
Details at http://www.timetravellers.org.uk/

marigold



Joined: 02 Sep 2005
Posts: 12458
Location: West Sussex
PostPosted: Tue Mar 27, 07 7:23 am    Post subject: Reply with quote    

Perhaps you should ask whether anyone who has already taken the plunge regrets it?

sally_in_wales
Downsizer Moderator


Joined: 06 Mar 2005
Posts: 20809
Location: sunny wales
PostPosted: Tue Mar 27, 07 7:28 am    Post subject: Reply with quote    

Yep, I could do that. Part of the plan was to get set up to start doing school visits again as another way of spinning out the cash.

Anyway, going to repeatedly crunch numbers over the next month and see if I keep getting the same results. Thank you all for your advice and continuing support, I don't know what I'd do without you all sometimes

sally_in_wales
Downsizer Moderator


Joined: 06 Mar 2005
Posts: 20809
Location: sunny wales
PostPosted: Tue Mar 27, 07 7:40 am    Post subject: Reply with quote    

marigold wrote:
Perhaps you should ask whether anyone who has already taken the plunge regrets it?


Excellent question! Anyone?

Penny Outskirts



Joined: 18 Sep 2005
Posts: 23385
Location: Planet, not on the....
PostPosted: Tue Mar 27, 07 7:46 am    Post subject: Reply with quote    

When rent quarter comes round - like now, yes, you do regret it a bit, it's like buying a small family car every three months and it's tough, and boring after a while.

But other than now? Not on your nelly The thought of coping with office politics, and with a bunch of people who seem like they're on a different planet to me...no fanks very much...........

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